Category: Business | Market | Economy

  • Janaki Finance’s net profit falls by 70.76%.

    Janaki Finance’s net profit falls by 70.76%.


    Janaki Finance Limited (JFL) reported a 70.76 percent decrease in net profit in the third quarter (Q3) of fiscal year 2079/80.

    According to a report released today by the financing company, its net profit fell to Rs 1.53 crore in the third quarter from Rs 5.24 crore in the previous quarter.

    In Q3, Janaki Finance had a paid-up capital of Rs 69.04 crore and reserves of Rs 29.82 crore. The firm also has Rs. 19.5 crores in negative retained earnings.

    JFL has collected Rs 3.34 arba in deposits and has issued Rs 2.62 arba in loans and advances.

    On the other side, the company’s NPL has climbed by a staggering 391.67% to 23.60%.

  • Nepal Investment Mega Bank Earns Rs 3.04 Arba in Net Profit in Q3

    Nepal Investment Mega Bank Earns Rs 3.04 Arba in Net Profit in Q3


     

    Nepal Investment Mega Bank Limited (NIMB) has released its third-quarter report for fiscal year 2079/80, which shows a 22.96% increase in net profit. In the third quarter of fiscal year 2079/80, the bank’s profit grew to Rs 3.046 arba. Following the merger, the bank has a total paid-up capital of Rs. 34.12 Arba, reserves of Rs. 23.89 Arba, retained earnings of Rs 1.27 Arba, and a share premium of Rs 20.78 Crore.

     

  • Everest Bank’s Q3 Highlights: Net Profit Increases by 62.63%, NII Stands at Rs 5.58 Arba &amp

    Everest Bank’s Q3 Highlights: Net Profit Increases by 62.63%, NII Stands at Rs 5.58 Arba &amp


     

    Everest Bank Limited (EBL) has released its third-quarter report for fiscal year 2079/2080, which shows a 62.63% increase in net profit. The net profit of the bank has improved from Rs. 1.51 Arba in the third quarter of fiscal year 2078/2079 to Rs. 2.46 Arba in the third quarter of fiscal year 2079/2080.

    After PL Appropriation and Regulatory Adjustments, the bank’s distributable profit in the same period is Rs 3.36 arba.

     

  • Imports and exports both fell in the first nine months of fiscal year 1979/80.

    Imports and exports both fell in the first nine months of fiscal year 1979/80.


     

    The foreign trade figures for Nepal for the first nine months of fiscal year 2079/80 have been released. According to government data released on Thursday, Nepal’s trade deficit reduced by 17.06 percent to Rs. 10.83 Kharba from Rs. 13.06 Kharba the previous year.

     

  • Citizens Super 30 Mutual Fund"s Public Offering

    Citizens Super 30 Mutual Fund"s Public Offering


    Citizens Capital Limited is launching a closed-end mutual fund scheme called “Citizens Super 30 Mutual Fund.”The issue will be open starting today, the 6th of Baisakh, and will close on the 10th of Baisakh, 2080. If the issue is not completely subscribed by the early closing date, it may be extended until Baisakh 20. 15% or 1.50 crore units worth Rs. 15 crores have been awarded to the fund promoter Citizens Bank International Limited, with the remaining 8.5 crore units being issued to the general public beginnin

     

  • Ridi Power Company Receives Electricity Regulatory Commission Approval to Issue 50% Right Shares

    Ridi Power Company Receives Electricity Regulatory Commission Approval to Issue 50% Right Shares


     

    The Electricity Regulatory Commission (ERC) has approved Ridi Power Company (RIDI) to issue a 1: 0.50 right offering.

    The board of directors suggested on the 4th of Magh, 2079, to issue 50% right shares on the paid-up capital after adjusting 40% bonus shares for the fiscal year 2078/79, i.e. Rs. 1,54,89,01,200. The company’s paid-up capital will grow to Rs. 2.32 Arba following the adjustment of the proposed right share, i.e. 77,44,506 units. Furthermore, the ERC has granted the business permission to include the appropriate share-related topic in i

     

  • Union Life Insurance Company requests that shareholders pay taxes on 8.97% bonus shares.

    Union Life Insurance Company requests that shareholders pay taxes on 8.97% bonus shares.


     

    Union Life Insurance Company Limited (ULI) has requested its shareholders to pay the 8.97% bonus share tax.

    On the 26th of Magh, 2079, the firm held its 5th AGM for the fiscal year 2077/78. The meeting approved 8.97% bonus shares worth Rs. 19,28,55,000 from the company’s paid-up capital of Rs. 2.15 Arba for the fiscal year 2077/78.

     

  • Federal Reinsurance Brokers Limited enters an agreement with the Banking Finance and Insurance Institute of Nepal to strengthen the insurance sector’s capability.

    Federal Reinsurance Brokers Limited enters an agreement with the Banking Finance and Insurance Institute of Nepal to strengthen the insurance sector’s capability.


     

    On April 13, 2023, Federal Reinsurance Brokers Limited and Banking Finance and Insurance Institute of Nepal Limited signed a Memorandum of Understanding (MOU) to form a long-term strategic alliance in the areas of training, research, and consulting for the insurance sector’s capacity development. Ms. Alpana Sharma, Company Secretary, and Mr. Saurav Baral, Research Analyst of FRBL, and Ms. Nishu Bhagat, Manager, and Mr. Matiram Paudel, Account and Admin Officer of BFIN, signed the Memorandum of Understanding.

     

  • Muktinath Bikas Bank and Sadhana Laghubitta distributed bonus shares to shareholders’ demat accounts.

    Muktinath Bikas Bank and Sadhana Laghubitta distributed bonus shares to shareholders’ demat accounts.


    Muktinath Bikas Bank Limited (MNBBL) has given 13.5% bonus shares directly to its owners’ DEMAT accounts and encouraged them to dematerialize their shares.

    On 30th Poush, 2079, the bank had its 16th AGM for FY 2078/79. The AGM approved a dividend of 14.2105% for fiscal year 2078/79. The board of directors resolved on Poush 01 to disburse the dividend on the paid-up capital of Rs. 5.65 Arba. There was a proposal for 13.5% bonus shares worth Rs 76.37 crore and 0.7105% cash dividend (including bonus shares for tax purposes) of Rs 4.01 crore. Demat accounts are now receiving the same bonus dividend.

     

  • ICRA Nepal confirms the rating of NIC ASIA Bank’s Rs 3 arba debenture as ICRANP LBBB.

    ICRA Nepal confirms the rating of NIC ASIA Bank’s Rs 3 arba debenture as ICRANP LBBB.


     

    ICRA Nepal Limited has confirmed NIC Asia Bank Limited’s grade. The rating has been removed from the ‘Watch with Negative Implications’ category and moved to the “Issuer Not Cooperating” category, with the following notification for rating withdrawal:

    The rating agency has assessed the bank’s NPR 3,000 million subordinated debenture as [ICRANP] LBBB “Issuer Not Cooperating”; it has been withdrawn from watch with negative implications and moved to the issuer not cooperating category with notice of withdraw

  • For the month of Baishakh, the NBA has decided to reduce interest rates to single digits.

    For the month of Baishakh, the NBA has decided to reduce interest rates to single digits.


     

    According to the Nepal Bankers Association (NBA), the interest rate on fixed deposits would be reduced beginning in the approaching month of Baishakh, 2080. The majority of banks indicated support for decreasing the interest rate at the Bankers’ Association meeting on Wednesday, and the decision was taken to also cut the term interest rate.

    The NBA, the umbrella organization for commercial banks, has resolved to slash interest rates. As a result, it has been agreed to reduce the interest rate on personal deposits by 10%. As a result of this change, the interest rate on fixed deposits has now fallen into the single digits.